Sterling and Wilson Renewable Energy Sees Strong Order Growth

Sterling and Wilson Renewable Energy Limited (SWREL) has announced that its order book and revenue have increased meaningfully in the second quarter of the 2026 financial year. The company reported new order inflow of 3,775 crore rupees in the balance of the financial year to date, increasing its un-executed orders to 9,287 crore rupees.

This performance gives reasonably good visibility for future revenue and execution. Revenues for the quarter ended September 30, 2025, was 1,749 crore rupees, which was a very strong 70% in comparison to the same quarter last year. The revenue increase was due to higher level of execution on large scale domestic EPC projects and improving contribution from the company's international business.

The operational metrics also showed encouraging trends. The company's Operational EBITDA in the quarter was 62 crore rupees, which was almost three times higher than the 23 crore rupees reported in the second quarter of last fiscal year. The improvement was due to continued operating discipline and better management of overhead costs. The gross profit for the quarter was 156 crore rupees, with gross profit margin of 8.9%.

Nevertheless, the one-time write-off significantly impacted the company’s reported profitability. The company incurred a one-time, non-recurring charge, approximately 637 crore rupees, due to an adverse arbitration ruling in the US and related provisions. As a result of this exceptional item, the company reported a post-tax loss of 478 crore rupees for the quarter.

Barring the one-off, the underlying business fundamentals remain solid. The company won almost 3,000 crore rupees in new projects since the first quarter, bringing total inflow to 3,775 crore rupees in the current fiscal year. The current unexecuted order book of 9,287 crore rupees indicates a strong pipeline of work. The company said that their overall opportunity pipeline remains good, thanks to upcoming projects in India, Africa, and Europe.

For the first half of the fiscal year, the company’s revenue was 3,510 crore rupees, which is an increase of 80% against the same period last year. This measured performance reflects positively on the company’s ability to execute the businesses in India and internationally.

Sterling and Wilson Renewable Energy Limited is a global leader in renewable engineering, procurement and construction (EPC). They are associated with utility-scale solar, floating solar, hybrid and energy storage and wind projects, with a total portfolio of 24.4 GWp. The Company has a 9.1 GWp operation & maintenance (O&M) portfolio of solar power projects. The Company currently operates in 28 countries on several continents.

The results tell a simultaneous story of strong operational growth and a significant one-time financial loss. Both the strong order inflows and revenue growth indicate a healthy increasing core business. The significant loss from the arbitration ruling is a separate one-time event affecting this quarter’s bottom line. The Company is focused on converting its large order book to revenue and operational efficiency.